After eliminating all other possibilities, the one remaining-no matter how unlikely-must be the truth.
I just received a letter from Chase telling me that my checking account will have a new $10 monthly Service Fee if I don’t meet one of their requirements:
I got switched to Chase after Wamu got taken over by them and the big thing with Wamu was FREE CHECKING. I don’t use this account much anymore, so I’ll probably be closing it.
Some time earlier this week, we had a discussion over dinner about credit card with rewards. Chase Freedom was mentioned to be one of the better cards to use overall since it gives you 3% cash back on the top 3 categories on your bill. Today I saw this thread: Chase Freedom Credit Card Holders! 3% Rewards in TOP 5 w/ Chase checking account
The Chase Freedom credit card rewards 3% cash back or 3 points per $1 on the first $600 in purchases in the top 3 of 15 Everyday categories where you spend the most each month. Chase checking account customers will earn 3% cash back or 3 points per $1 on the first $600 in purchases in the top 5 of 15 Everyday categories. That’s 2 additional Everyday categories. If you are an existing Chase Freedom credit cardmember and a Chase checking customer, your account will be upgraded to these new benefits; a confirmation letter will be mailed when this takes place in June, 2008. To apply for Chase Freedom with the exclusive benefits for Chase checking customers, or to learn more including pricing and reward program terms, see a Chase branch banker. Restrictions apply. Subject to credit approval. Chase credit cards are issued by Chase Bank USA, N.A. There are 15 Everyday categories consisting of grocery stores (that are not affiliated with or departments of superstores, warehouse clubs or discount stores), gas & convenience stores, quick service payment/fast food restaurants, telecommunications, cable/satellite TV/Internet Service Providers, video rentals, department stores, dry cleaners, drug stores, movie theatres, local and suburban commuter passenger transportation (including ferries, bridges, tolls, parking garages, taxis/limos), pet supply stores and veterinary services, utilities, beauty shops (salons and spas), or gym/recreation memberships. Benefits will no longer apply if, at any time, the checking account is closed.
For more details, visit Chase Exclusives.
Do note, there is a cap on the amount of 3% rewards you get per month (currently capped at $600, which translates to $18 worth of 3% rewards). After which, all remaining purchases will be rewarded at the 1% tier for the remainder of the month. That equates to $7,200 in purchases eligible at the 3% tier which translates to a maximum of $216 of cash back per year.
If you want to try out the Chase Freedom credit card, currently there’s a $100 sign up bonus: Chase Freedom Application
If you want to try out Chase checking account, currently there’s a $125 sign up bonus: Chase Checking Application (requires you to be logged into any Chase account)
There should be 2 account numbers for each checking (or savings) account. One should only allow deposits, while the other will allow both withdrawal and deposits. The reason for this is that today when you associate a checking account with another bank or another financial institution, you might not want them to have the ability to withdraw from that account, which currently I don’t see any barrier besides the fact they can only withdraw up to your balance. That’s a lot of trust to put into some financial institutions, especially when identity theft has been such a big problem.
Personally I never transfer money from my checking account to Paypal, only the other way around. However, since my checking account is linked to Paypal, they can on the whim decide that I broke some rule and withdraw money from my checking account without my consent (no, this did not happen to me, but I’ve heard it happening to others).
This also avoids mistakenly withdrawing from an account that you did not want to. I’ve personally done that multiple times. Once I switch the source/destination and had the money go in the opposite direction. Often times, due to how Paypal is structured, I would accidentally pay via my bank account instead of my credit card.
I currently solve this today by only having minimal money in accounts which I only expect deposits and not withdrawals. I have another checking account which I use to pay all my bills etc.
However, I think this can all be solved if financial institutions decide on giving you 2 account numbers, one as I stated earlier should only be deposit only. That way even if someone gets ahold of this number, they can’t do much damage.